The Economics and Statistics Division has revised its Current Economic Environment and Outlook report to include the latest outlook and information on Nova Scotia's economy and the global economic environment. The following are some highlights from the report:

HIGHLIGHTS

From 2010 to 2014, Nova Scotia’s real GDP was virtually unchanged. Real GDP in the province grew by only 0.05 per cent per year and Nominal GDP increased by 1.5 per cent per year during this period.

Non-energy exports have risen steadily over the past two years with gains in most sectors

Natural gas production and exports peaked in 2014 before falling in 2015

Tourism indicators showed a positive year in 2015 with an increase in the number of visitors and occupancy rates.

Residential investment rebounded in 2015 with the construction of multi-unit dwellings in Halifax

Non-residential building construction increased 10.9 per cent in 2015 due to commercial buildings in Halifax and industrial buildings outside of Halifax

Employment increased for the first time since 2012, increasing 0.1 per cent. The labour force continued to shrink in 2015

Inflation continues to be under 2 per cent as falling energy prices offset rising food prices

Motor vehicles sales were up 6.7 per cent in 2015 with a 2.0 per cent gain in the number of units.

Nova Scotia’s population increased in 2015 as interprovincial and international migration were more positive than in recent years.

OUTLOOK

The global economy continues to be able to grow only at a modest pace as advanced economies continue to face challenges and China slows.

The Canadian economy is re-aligning after the collapse of world oil price with growth being supported through federal fiscal measure, accommodative monetary policy, and depreciated currency.

Nova Scotia economy is expected to strengthen compared to recent years.

Major project investments are expected to continue sustaining growth and growth in non-energy merchandise exports is expected to more than offset the declining value and volume of natural gas shipped to the US.

Employment and the labour force should benefit from returning workers, major projects, and stronger economic growth in the short-term but demographic factors will continue to put downward pressure.